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Tax Advisory

Tax Advisory, is a publication of Alas Oplas for its clients about developments in Philippine taxation.

This tax advisory is for general information only and should not be treated as a substitution for specific advice. We still recommend that you seek professional assistance in determining the applicability of this advisory. For any comments or questions on this matter please email us at or call us at (02) 7116-4366.

“Ask for Receipt” Slogan No More, It’s Notice to Issue/Receipt Invoice Now! 

This is a friendly reminder on the replacement of the “Ask for Receipt” Notice, previously issued by the RDO/LT in relation to Revenue Regulations (RR) No. 10-2019, with the new BIR Notice, “Notice to Issue Receipt/Invoice (NIRI)“. The validity and deadline for the replacement of the old BIR Notice will be until June 30, 2023, pursuant to Revenue Memorandum Order (RMO) No. 43-2022.

Tax Reminder on Estate Tax Amnesty

This is a friendly reminder of the deadline for Estate Tax Amnesty, in relation to Republic Act (RA) No. 11213 and Revenue Regulations (RR) No. 6-2019, that moved several times by the Bureau of Internal Revenue (BIR). The deadline to avail the tax amnesty is until JULY 14, 2023 only pursuant to RR No. 17-2021.

Updates on VAT Compliance

The Bureau of Internal Revenue (BIR) has recently released several issuances in connection with VAT compliance of VAT-registered persons. Below are the article which may help you determine if it affects you or your Company.

New Offline eBIRForms Version 7.9.4

The Bureau of Internal Revenue (BIR) just issued Revenue Memorandum Circular no. 40-2023 to give notice on the availability of the Offline eBIRForms Package version 7.9.4. The package now includes the April 2021 version of the following forms.

Guidelines: Filing and Payment of Annual Income Tax Return for CY2022

The Bureau of Internal Revenue (BIR) issued the guidelines for the Filing of Annual Income Tax Returns (AITR) for the Calendar Year 2022, as well as the payment of corresponding taxes due thereon, until April 17, 2023.

Inventory listing: Goodbye, hard copies! Hello Softcopies!

This is one of the BIR’s efforts as it gradually moves toward digitization and strives for paperless government transactions. The circular issued amends Section 2 of Revenue Memorandum Circular (RMC) No. 57-2015, which now prescribes.

Monthly VAT Returns No More!

Another relief for VAT-registered taxpayers is the reduction of the number of VAT returns filed. Pursuant to Section 37 of the TRAIN Law as implemented by Section 4-114-1(A) of Revenue Regulations (RR) No. 13-2018, beginning January 1, 2023, the filing of BIR Form No. 2550M (Monthly Value-Added Tax) is no longer required. Instead, the corresponding Quarterly VAT Return (BIR Form No. 2550Q) shall be filed and paid within 25 days following the close of each taxable quarter.